Naturally Good Foods reports merchandise Inventory at the lower-of-cost-or-market. Pror to releasing its financial statements for the year ended October 31, 2019, Naturally's preliminary income statement, before the year-end adjustments, appears as follows: (Click the icon to view the preliminary income statement.) Naturally has determined that the current replacement cost of ending merchandise inventory is $19.000. Cost is $23,000. Read the requirements. Requirement 1. Journalize the adjusting entry for merchandise inventory, if any is required. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts' column and leave all other cells blank.) abit i Data Table Credit Date Accounts and Explanation Oct. Naturally Good Foods Income Statement (Partial) Year Ended October 31, 2019 Sales Revenue Cost of Goods Sold $ 120,000 50,000 70.000 i Requirements S Gross Profit 1. Joumalize the adjusting entry for merchandise inventory, if any is required. 2. Prepare a revised partial income statement to show how Naturally Good Foods should report sales, cost of goods sold, and gross Print Done profit Print Done